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The drawdown in XRP's price has dampened sentiment in recent times. However, key market metrics hint at a brighter trend ahead. According to data from Coinalyze, XRP Futures Open Interest has surged by over 8% in 24 hours.
XRP futures bullish mark
It is worth noting that the total Open Interest is worth $424.2 million, with perpetual contracts taking the bulk of the funds worth $421.2 million. However, that there was an uptick in the futures contract is an indication of a positive twist that might spell positivity for the coin.
Godfrey BenjaminThere are a number of different positive growth indicators for XRP, especially as concerns its Ripple-featured ecosystem. The blockchain payments firm has hinted at plans to launch a stablecoin to complement the role of XRP in its cross-border settlement business.
While there are no defined launch dates yet, Ripple has made significant moves regarding this stablecoin in the past few weeks. Besides minting about 200 RLUSD on both the XRP Ledger and Ethereum in its first ever test run, the firm has also burnt about $185 worth of the stablecoin, as reported earlier.
While these moves have not specifically impacted XRP in relation to price, it sets a major precedent that might benefit the coin in the long term.
Hopes for XRP recovery
As of writing, the price of XRP was changing hands for $0.5734, down by 0.37% in 24 hours. This is considered a promising recovery as the volatility surrounding the coin saw it fall as low as 7% in the past week.
Tomiwabold OlajideWith a general recovery in the price of Bitcoin and Ethereum, XRP might hinge its recovery on the confidence being showcased by its futures traders. It is worth noting that with the trends around the coin, the price might make a major boost to reclaim $0.6 in the long term.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team